A sheet feeder feeds product, one at a time, from the bottom of a stack onto a second stage discharge conveyor in which the serialized products are brought into precise registration prior to being deposited onto a moving web. To achieve registration, the products are transported at a higher rate than the speed of a pair of timing belts having regularly spaced lugs projecting therefrom. The lug timing belts are positioned beneath the belts transporting the product with the lugs projecting into the product's path of travel. The speed deference is that a leading edge of the products is brought into engagement with the trailing edge of a laterally aligned pair of lugs before the product arrives at the discharge point of the second stage discharge conveyor. The transport rate on the second stage discharge conveyor is controlled to match the speed of the moving web.